Under Section 3(2), the Authority is constituted as a body corporate having perpetual succession and a common seal, with power to:

Section 3(2) confers full body-corporate status on the Authority - perpetual succession, a common seal, and the power to acquire, hold, and dispose of BOTH movable and immovable property, to enter into contracts (with any person, not merely other statutory bodies), and to sue and be sued in its own corporate name, not through the Central Government as a nominal party or merely as a trustee. This complete corporate personality is what allows the Authority to independently own airport land/assets vested under Section 13, execute contracts under Sections 20-21, and be a party to litigation (subject to the good-faith protection under Section 33) in its own right.